Sees No Reason for Recent Increased Trading Activity
RESEARCH TRIANGLE PARK, N.C., Dec. 20 /PRNewswire-FirstCall/ -- Icoria,
Inc. (Nasdaq: ICOR), a biotech company using systems biology to discover new
biomarkers to enhance drug and agrichemical discovery and development,
released the following statement from its president and CEO, Heinrich Gugger,
Ph.D., relating to the unusually high trading volume of its stock over the
last several weeks.
"We know of no business reason for the unusual trading activity.
However, we have confirmed that our two largest non-management investors
have completed liquidating their positions in our stock. We believe their
sales have been a significant cause of downward pressure on our stock
over these last few months."
About Icoria
Icoria, Inc. is a biotech company dedicated to deciphering the complexity
of biological processes through the application of systems biology to identify
biomarkers for drug discovery and development, diagnostics and to develop
novel agrichemicals. Icoria has major contracts with the National Institute of
Environmental Health Sciences, the Monsanto Company and Pioneer Hi-Bred
International (a subsidiary of DuPont). Icoria also has a major grant from
the National Institute of Standards & Technology's Advanced Technology
Program. For more information, visit http://www.icoria.com .
This press release contains forward-looking statements regarding the
Company's expectations for its systems biology platform. Such forward-looking
statements are based on management's current expectations and are subject to a
number of risks, factors and uncertainties that may cause actual results,
events and performance to differ materially from those referred to in the
forward-looking statements. These risks, factors and uncertainties include,
but are not limited to, Icoria's early stage of development, history of net
losses, technological and product development uncertainties, reliance on
research collaborations, uncertainty of additional funding and ability to
protect its patents and proprietary rights. Certain of these and other risks
are identified in Icoria's annual report on Form 10-K for the year ended
December 31, 2003 and in its quarterly report on Form 10-Q for the quarter
ended September 30, 2004, each filed with the Securities and Exchange
Commission. The Company does not intend to update any of the forward-looking
statements after the date of this release to conform these statements to
actual results or to changes in our expectations, except as may be required by
law.
SOURCE Icoria, Inc.
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Related links:
http://www.icoria.com
CONTACT:
Media-Public Relations of Icoria, Inc.,
+1-919-425-2999; or Brian Ritchie or Mark Vincent of EURO RSCG
Life NRP, +1-212-845-4200
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